Pakistan will become a beggar, placed on terror finance watch list

1 years ago

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New Delhi, February 23: Pakistan will be put on the 'grey list' for terror financing by the Financial Action Task Force (FATF). A decision to this effect was taken on Friday, sources said. FATF decision came on motion moved by the United States US, backed by United Kingdom, France, and India. FATF was able to take the decision only after Pakistan’s all-weather friend China withdrew its objections.

Featuring on the grey list would mean that international financial institutions and banks will find it difficult to do business in Pakistan, while Pakistani businesses will find it hard to raise money overseas. As a result of this inclusion, banks, other lenders and international companies seeking to do business with Pakistan could rethink financial ties, putting a damper on its already struggling econom.

Pakistan, earlier this week had claimed that it has got a 3-month breather from being placed on the grey list. Pakistan Foreign Minister Khawaja Asif had tweeted, “Our efforts paid, FATF Paris 20 Feb meeting conclusion on the US-led motion to put Pakistan on the watch list. No consensus for nominating Pakistan, proposing three months pause and asking APG [Asia Pacific Group] for another report to be concluded in June”.

The FATF, a global body that combats terrorist financing and money laundering.